Mr. Gregg Ruhl reports

ALGOMA CENTRAL CORPORATION ANNOUNCES A 6% INCREASE IN QUARTERLY DIVIDEND

Algoma Central Corp.'s board of directors has authorized payment of a quarterly dividend to shareholders of 19 cents per common share.

The dividend is payable on March 1, 2024, to shareholders of record on Feb. 16, 2024.

This 19-cent dividend represents a 6-per-cent increase from the 18-cent dividend paid on Dec. 1, 2023. Since 2018, Algoma's quarterly dividend has more than doubled and the company has paid special dividends totalling $4.75 per share.

About Algoma Central Corp.

Algoma Central is a global provider of marine transportation that owns and operates dry and liquid bulk carriers, serving markets throughout the Great Lakes-St. Lawrence Seaway and internationally. Algoma is aiming to reach a carbon emissions reduction target of 40 per cent by 2030 and net-zero by 2050 across all business units with fuel-efficient vessels, innovative technology and alternative fuels.